TD Bank Financial Education Survey Finds Millennials are Cautious Banking Customers

Hispanic Millennials Seek the Most Advice on Budgeting and Saving

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Mar 10, 2014, 10:26 ET

CHERRY HILL, N.J., March 10, 2014 /PRNewswire/ -- TD Bank, America's Most Convenient Bank^®, announced the results of the TD Bank Financial Education Survey focusing on millennial banking habits, which revealed that these young adults take few risks when it comes to managing their money. In fact, 49 percent of Hispanic millennials describe their financial personality as cautious when it comes to overall personal finance habits. The nationwide survey polled more than 2,000 millennials (ages 18 to 34), including 500 Hispanics, about their banking behaviors and preferences, as well as their go-to sources for financial information and advice.

"The study demonstrates that Hispanic millennials want more insight and support with their personal finances," said Nandita Bakhshi, Executive Vice President, Retail Distribution and Product, TD Bank. "More than 20 percent of Hispanic millennials have gone to a bank branch more often than last year for advice. They are looking for a trusted financial partner to help them become confident consumers."

Knowledgeable Hispanic Millennials Still Seek More Information

According to the survey, 39 percent of Hispanic millennials describe their financial personality or character as "knowledgeable" followed by "well informed" (35 percent) when it comes to day to day banking practices, such as opening a checking account.

In terms of informational resources, Hispanic millennials rely primarily on financial institutions and their families for advice. Additionally, more Hispanic millennials have participated in a form of financial education than millennials in the general population.

55 percent of the general population see their parents as primary influencers in shaping their banking and financial views, as compared with 49 percent of Hispanics
33 percent of all respondents turn to their bank for information
69 percent of general population millennials have not participated in any formal financial courses, seminars or workshops, compared with 58 percent of Hispanic millennials

Even with 11 percent more Hispanic millennials reporting participation in a form of financial learning, more still seek advice on financial topics compared to the general population. Hispanics have the most questions in the following personal finance areas:

Savings (45 percent vs. 32 percent of the general population)
Creating a budget (37 percent vs. 30 percent of the general population)
Credit cards (38 percent vs. 26 percent of the general population)

Active Online and in Branches

Hispanic millennials are as likely as the general population to use branch banking, but are far more active than the general market when inside, using their time to make a deposit, withdraw money and seek advice.

Hispanic millennials feel banking in person offers more security and face-to-face service (59 percent). Moreover, 62 percent of Hispanic millennials find it easier to resolve issues or disputes in-branch compared to 48 percent of the general population.

However, 90 percent of millennials said they use online or mobile tools for their everyday banking activities, such as checking balances or paying bills, and 62 percent of Hispanics are using mobile banking more frequently than they were last year, compared with 57 percent of the general market.

Hispanic millennials said they check their balance and activities daily (39 percent) or weekly (49 percent). Hispanics are also 11 percent more likely to check their accounts using texting and mobile technology than the general population.

"While Hispanic millennials are increasing their mobile and online banking, nearly half still visit a branch frequently," said Bakhshi. "Hispanics should find a bank that offers quality mobile and online banking tools, but also provides the traditional human interaction that Hispanic millennials find most helpful in understanding their personal finances."

Full survey results including regionally specific findings from Boston, Miami, New York City and Philadelphia, and Hispanic and gender findings, can be found at https://mediaroom.tdbank.com/finedsurvey.

Survey Methodology
The study was conducted among a nationally representative group of consumers from January 28 through February 10, 2014. The total sample size is 2,031 millennials (age 18-34) and the national sample size of 1,530 has a margin of error of +/- 2.5%. The survey was hosted by global research company Angus Reid Public Opinion.

About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.

About TD Bank, America's Most Convenient Bank^®TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth^®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.

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SOURCE TD Bank